Economy shows stabilization: GDP down 1%

A revision to gross domestic product shows the U.S. economy declined at a rate of 1% in the second quarter, matching a previous estimate.

By David Goldman, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — The pace of economic decline in the second quarter slowed at an annual rate of 1%, according to the government’s revised reading on gross domestic product. It was unchanged from a previous estimate.

GDP is the broadest measure of the nation’s economic activity. Economists surveyed on Briefing.com expected the revised reading to show the economy declined at an annual rate of 1.5% in the second quarter.

The results matched the initial estimate released by the Commerce Department in late July. The decline is still much narrower than the 6.4% drop in the first quarter.